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Walkeshwar takes its name after Lord Shiva, one part of the Trinity of Hinduism. The modern form of the word derives from the Sanskrit word for an idol made of sand - Valuka Iswar,<ref>Walkeshwar Temple</ref> an avatar of Shiva - in a legend celebrated at the Walkeshwar Temple, situated at the highest point of the city.<ref>Walkeshwar village British Library.</ref>
Legend has it that Hindu god, Ram paused at that spot on his way from Ayodhya to Lanka in pursuit of the demon king, Ravana who had kidnapped his wife, Sita. Then Lord Rama was advised to worship Shiv linga and he is said to have constructed the original linga of sand, after getting tired of waiting for his brother, Lakshman to bring an idol. The name is etymologically derived from the Sanskrit word for an idol made of sand -- Valuka Iswar, an Avatar of Shiva.
As the story progresses, later when Ram was thirsty, as there was no fresh water readily available (only sea water), he shot an arrow and brought Ganges over here. Hence Bana (arrow in Sanskrit) Ganges. The water that feeds the tank stems from an underground spring at that spot, despite its proximity to the sea.
Walkeshwar also includes Malabar Hill, and is in close proximity to the Hanging Gardens. Raj Bhavan, the official residence of the Governor of Maharashtra, has the maximum number of Gulmohur trees thus making a pretty site in the season is located here besides some of the most expensive neighborhoods in the whole country, prices ranging from Rs 92,000 to Rs 1,00,000 per sqft (approx 1656 USD - 1800 USD per sqft) which can be compared to Residential luxury apartments in the US. It probably has the most expensive real estate in the whole of India. It has a lot of prime residential buildings in the area. The most of the buildings are sea facing and the location has lot of natural character. The sea is very calm here as it is the bay area. There is also a Jain temple, near the Malabar Hill Police Station.
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